New home sales in the Fort Smith, AR market were unchanged year-over-year in November, stabilizing after dropping in October from the year earlier. Sales remained steady from a year earlier at 18. New home sales fell 9.1%in October year-over-year.

A total of 296 new homes were sold during the 12 months that ended in November, equal to the number of new homes sold for the year that ended in October.

Out of all housing sales, new home sales accounted for 6.6%. A year ago, new home sales made up 7.1%. Following a decline in October year-over-year, sales of new and existing homes increased year-over-year in November.

In November, the average value of new homes saw a 12.7% rise year-over-year as it grew to $163,561 per unit. This is a turnaround from the 15.2% decline in October from a year earlier.

There was no change in the composition of the new-home market with regard to the types of properties sold in November 2011. Single-family home sales have accounted for all of new home sales while attached unit sales have made up no part of sales.

For all new homes sold, the average unit size gained 95.2% year-over-year to 2,649 square feet in November 2011. This surge was somewhat steeper than the price boost, which was also seen in October 2011 when the average size of new homes sold grew 48.7% to 1,080 square feet from a year earlier.

Foreclosures and real estate owned (REO) sales declined in November from a year earlier, but stayed a drag on the market. Foreclosures and REO sales, taken together, accounted for 25.0% of existing sales, lower than 38.0% a year earlier. The percentage of existing home sales involving foreclosures fell to 20.7% in November from 21.9% a year earlier while REO sales as a percentage of existing home sales slid to 4.3% from 16.0% a year earlier.

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